- UAE's ICP denied rumours of lifetime Golden Visas for specific nationalities
- Eligibility requires AED 2 million investment or owning a qualifying business
- Reports claimed lifetime visas cost AED 100,000 and target India and Bangladesh
The UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has denied rumours about granting lifetime Golden Visas to certain nationalities, following several media report claims, Emirates News Agency WAM reported.
A Golden Visa allows eligible individuals to apply for long-term residency of five to 10 years, which is automatically renewable.
This system, aimed at enhancing the business environment, attracts investors, entrepreneurs, skilled professionals, and outstanding students.
To qualify, investors must have a business plan and either a deposit of AED 2 million (approximately Rs 4.5 crore) in an approved UAE investment fund, a valid commercial license with a capital of at least AED 2 million, or own a company paying at least AED 250,000 (approximately Rs 56 lakh) annually in taxes.
Earlier, multiple media reports stated that UAE was offering a lifetime Golden Visa for a fee of AED 100,000 (approximately Rs 23.3 lakh).
The reports further said that, India and Bangladesh have been selected for the initial rollout of the UAE's new nomination-based Golden Visa.
Once granted, the Golden Visa allows individuals to bring their family members to Dubai and employ domestic staff. Holders of this visa can engage in any business or professional activity, as was widely reported earlier.
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